Danish integrated power and gas company DONG Energy A/S has maintained its solid financial performance in 2015, with continued revenue and EBITDA growth in its subsidized offshore wind projects. As a result, we have revised upward the company's financial risk profile to intermediate from significant. We do not expect the future IPO to affect DONG Energy's financial policies or relationship with the Danish government, which will remain a majority shareholder. We are affirming our 'BBB+/A-2' long- and short-term corporate credit ratings on the company. The stable outlook reflects our assumption that growth in the wind power segment will offset the decline in contributions from the oil and gas segment, as well as the weak power price environment. On April 15,
